by Barker Realty, Inc. | Dec 20, 2022 | Property Management Company, Property Selection, Raleigh Investment Property, Tips for Property Investors
Choosing a new investment property in Raleigh NC can be an exciting, yet frightening, challenge. If you choose wisely, your investment will be likely to pay off in the long-term; if you choose poorly, you might find yourself with something that’s more trouble than it’s worth. Not to worry, though: our experienced Raleigh NC property managers know exactly what you should look for. Here are a few of our tried-and-tested tips.
Quality Neighborhood
The quality of the neighborhood will determine the type of tenants you attract. If you purchase investment property near a university, for example, it is likely that students will dominate your pool of potential tenants. Some landlords prefer leasing in these areas, because the steady flow of students means the units will always be in high demand. However, there are also many downsides of renting to students, too. Wherever you are considering purchasing investment property, study the area carefully and try to get a “feel” for the type of residents living there.
Affordable Property Taxes
Property taxes tend to vary widely, especially in Raleigh. High property taxes are not always a bad thing if they’re applied to a great neighborhood that attracts long-term tenants, but be aware that there are less-desirable places with high taxes, too. The municipality’s assessment office will have all the tax information you need on file, and if you need help understanding what to look for, a realtor or property management company can help.
Schools in Close Proximity
Nearby schools are generally a good thing for homeowners and landlords, regardless of whether or not you personally have children. Families with children will always want to live near a reputable school, and this means that the property will be more valuable. If you are planning to live in or near the property and manage it yourself, however, be sure to factor in the hassle of the morning and afternoon school rush, which might become a nuisance as you travel to and from the area.
Low Crime Rates
Obviously, you will want a property that is low on crime. This will both make it easier to attract and retain quality tenants, and reduce the risk of vandalism, theft, and break-ins on the property itself. To determine the area’s crime statistics, you can contact the local police or public library. Try to note whether the recent crimes are petty, or serious, and whether the felony crimes are frequent, or scattered outliers. One other good tip for both landlords and renters scouting out a property: ask the local pizza delivery drivers what they think of the area. They will have personally interacted with many of the residents, and probably have a “No Delivery” list for high-danger areas.
Choose a Great Raleigh NC Investment Property with Barker Realty!
When you’re considering purchasing rental property in Raleigh, an experienced property management company can help you make the best decision! After you have made your investment, we can help you manage tenants, rent, property maintenance, and more. If you’re ready to become a Raleigh landlord, call Barker Realty today.
by Barker Realty, Inc. | Dec 6, 2022 | Property Selection, Raleigh Investment Property, Taxes & Financing, Tips for Property Investors
Owning property is a great investment, as it requires little daily effort once you’ve made the initial commitments. If you’re ready to break into the Raleigh real estate market, here are some real estate investment tips that will help you launch your investing career.
Remember that real estate property appreciates
Unlike some purchases, like cars, your real estate property investment will not necessarily depreciate after your purchase. In fact, some property owners find that the value of their investment far exceeds what they paid. For example, if you buy a single-family home or apartment building for a low price, manage it through a real estate management company, and sell it after it appreciates, you can get an excellent return on your investment with minimal trouble or hassle.
Don’t be afraid to start small
Perhaps you cannot currently afford to invest in a large apartment building–or you can, but are nervous about making such a big commitment. Not a problem! Even if you purchase a small house and rent out the property to tenants, you are still considered an investor. You can gain experience with your smaller purchase, and then work your way up to a bigger investment over time.
Work with a professional real estate manager
Rental property doesn’t come with the uncertainty that many investors suffer when putting their money into the stock market–but it does come with some risk. In order to ensure the best success possible, work closely with a real estate management company to understand the cost of maintaining a certain property; taxes and insurance requirements, and all the other details.
Build up a budget
While real estate can yield substantial returns in the long run, you should expect a minimal return for the first two years. For that reason, you may want to consider paying for your property in cash, so that you do not accumulate interest or risk foreclosure. You can also, of course, take out a small loan, if you are confident that you can pay the mortgage without monthly rent coming in. Barker Realty’s experienced sales brokers can help you explore the best financing option for you.
by Barker Realty, Inc. | Nov 22, 2022 | Cary Investment Property, Cary Property Management, Featured Article, Investment Property Blog, Property Management Company
We find many people are investing in the real estate sector today, especially in thriving markets like the Cary-Durham region of North Carolina. It is a lucrative industry that can have high returns. Just like any other investment needing full attention by professionals who are dedicated to your best interests, real estate requires proper management. Therefore, property owners should always consider the services of rental property managers. These professionals help manage your building or home(s) and rent them out to reliable tenants through a thorough application process like Barker Realty provides.
Getting involved with tenants daily is not an easy task. It requires an experienced manager from a licensed property management company. Our property management services involve the following duties:
- Collecting rents
- Handling issues that affect tenants
- Ensuring that the property is well-maintained
- Making sure that the landlord’s property is structurally secure
- Taking appropriate actions against tenants who fail to pay rent on time
Therefore, if you want to be relieved from these tasks in order to focus on growing your portfolio further, we recommend hiring a property manager company who possess the following traits:
1. Communication Skills
Property management requires excellent communication skills between tenants and property owners or the management staff. Tenants and property owners should be able to reach the manager for non-emergency and emergency issues all the same. Therefore, both written and verbal communication skills are required to maintain a professional demeanor and is beneficial in handling difficult situations
2. People-Oriented
Based on our decades of experience, Barker Realty has learned that people-oriented managers interact with tenants more efficiently. Any property management service provider needs to place quality and competent tenants into residences.
3. Trustworthy and Ethical
An excellent management company is transparent and honest. The property management profession requires trustworthiness, responsiveness, and full disclosure for the owners in how the tenants are held accountable and processes are being followed. At Barker Realty, this is what we stand for — to build long lasting relationships with our clients through personal attention and exemplary service.
4. Knowledgeable and Experienced
Property managers should be able to interpret financial reports quickly and be able to decipher between a reliable tenant compared to one who may not be the right fit. Additionally, all property managers should be knowledgeable about the latest real estate regulations and property ownership laws. It is recommended to take the appropriate time to perform due diligence and interviews with your prospective managers to also make sure they are a good fit for you and your investment portfolio.
5. Marketing Skills
At Barker Realty, we know that marketing of our owners’ properties is crucial to the success of the relationship. Your property managers should be competent at online marketing with the goal of showing up online when people are searching for a new place to rent. They should also have clear rental signs, a professional showing agent, and a diverse rental portfolio to reach a wide range of rental clients.
6. Organized
An organized manager pays keen attention to details and they DO sweat the small stuff to ensure your property is managed properly. Being able to enhance proper maintenance of your property throughout the year, keep paperwork readily available, and check in with tenants are tasks which help your property thrive.
If you own property or are looking to invest in property in the Cary area, consider the above in your search for a reputable local property management company like Barker Realty. It’s important to get a knowledgeable and success-oriented team on your side.
by Barker Realty, Inc. | Nov 8, 2022 | Local Property Management, Property Management Company, Raleigh Investment Property, Tips for Property Investors
As a property owner, you may be constantly looking to cut costs, even with wanting to hire property managers who charge low rates. However, not all property management service providers live up to their name and sometimes, unfortunately, you get what you pay for.
Therefore, take your time in this decision making process to find the right management company. Whoever you hire should adequately serve your unique needs at a reasonable cost among being responsive to both you and your tenants’ requests or questions. Over the years here at Barker Realty, our team has seen and heard a lot, so we would like to share a quick list of five of the most basic, yet important, traits your new property management firm should possess.
1. Excellent Communication Skills
Property management involves interactions with different types of people of all ages, races, backgrounds and income levels. An experienced property management firm should be able to clearly and concisely communicate with everyone involved in the property management process. This could include property owners, tenants, and maintenance partners. An excellent property management firm should be able to pass the correct information regarding your property to those involved in an effective manner.
2. Trustworthiness and Honesty
If yours is a tenant occupied property, it’s likely that you will mandate the property managers to collect rent and security deposits on your behalf. The best property management firm should have your best interest at heart when performing this task. In that case, the managers should perform their duties in an honest and a trustworthy manner. It is critical that the managers should always uphold integrity when making monetary decisions regarding your property.
3. Market Rules and Regulations Awareness
The real estate market is governed by specific local, state, and federal rules and regulations. The right investment property managers should be not only aware of all these rules but also keep you up to date with them. This helps to protect you and your investment over time.
4. Standard Operating Procedures
The best property management firm should have standard operating procedures for every task. Rather than having a random approach, property managers should be able to inform you what exactly should be done when. Some of the procedures include how contracts are awarded, maintenance requests, inspections, tenant communication, application processes and practices to increase the value of your property.
5. Excellent Partner Relationships
Any tenant occupied property is bound to suffer maintenance issues. An excellent property manager should keep a good working relationship with all the maintenance partners. Working with the same partner might allow the company to enjoy lower rates and discounts at the same level of expertise. A good relationship will ensure your property is taken care of and earning you a return on your investment.
Are you tired of your current property manager offering you inferior services? Contact us today as Barker Realty guarantees excellent services each and every day!
by Barker Realty, Inc. | Oct 25, 2022 | Local Property Management, Raleigh Property Management, Tenant Management
If you are a property manager, then you probably dread the winter time. Winter weather can cause serious damage to your property if you aren’t prepared. Fortunately, there are things that you can do in order protect your property against the cold and snowy winter months.
Reserve Your Snow Clearing Contractor
It should be on your priority list to receive snow removal, plowing, and de-icing solution when managing residential properties. You can avoid a headache and save time by reserving a snow cleaning contractor ahead of time and remaining loyal to them over the months and years for repeat business. It is important for rental property management companies to be proactive about weather concerns, rather than reactive… ie: Late to make important calls.
Inspect the Outside of Your Property
If you will be expecting cold weather, then it is important for you to make sure that your property is in tip-top shape inside and out. Seemingly harmless imperfections can create major problems later on down the road from roofs, HVAC, exposed pipes, chimneys, windows, and doors, etc. There are so many facets to a home that can lead to not keeping that cold air/snow out while maintaining the warm air inside.
Check for Snow on the Roof
Roof problems are one of the biggest property issues that our Raleigh property managers have to deal with. Most of these issues depend on the age of the home and prior condition of the roof structure. There are some things that can be done to prevent issues from occurring in the future, like checking to make sure all the vents are free of debris so that the melting snow can drain properly. This is also a great time to check and clear all gutters on the home.
Take Fire Prevention Steps
Most house fires occur between December and January, according to a source with the Red Cross. Holiday activities increase the risk of fires such as space heaters, candles, and interior/exterior lights can all increase the risk. It’s highly important to check smoke detectors and carbon monoxide detectors are in full working order. Also, have wood-burning fireplaces inspected regularly. It’s never a bad idea to review fire safety guidelines with your tenants.
Stock up on De-Icing Products
You can prevent falls by using de-icing and anti-icing products on walkways and sidewalks and patios. As the name suggests, de-icing products melt the ice and snow for more traction. Anti-icing products prevent the snow from building up. Our property managers recommend using a combination of both in order to get the best results.
Want more tips? Get in touch with Barker Realty today for information or to schedule a consult with any one of our qualified Raleigh property managers. Barker Realty also has a sister company, Barker Property Maintenance Company, that is able to handle many of these winter preventative maintenance issues.
